Gold hist an all time intra-day high of US$1586/oz in Ney York Comex trade in increased nevousness concerning the US debt ceiling talks, and Spainish and Italian debt woes.
Best gold quotes from the last few days:
“Gold will keep rising for the next five years, even if it has some crests and troughs,” Michael Widmer, an analyst at Bank of America-Merrill Lynch, said. “Those holding gold should hold on to it, while others should probably get their hands on it as it is going to be on an upward trend,”
"The rally is basically due to eurozone crisis. Gold priced in euro has hit a record. This says people in the eurozone have sold their euro holdings and converted it to gold. The other important factor is Federal Reserve's statements that hinted at a possible QE3. Silver will play a catch-up now. "Outlook is that prices could test $1,605 in the near-term or even higher to $1,645. Declines will get supported at $1,545-50 now." Says Gnanasekar Thiagarajan, director at Commtrensz Research.
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